证券代码：301031 证券简称：中熔电气 公告编号：2024-081 西安中熔电气股份有限公司 原保荐代表人徐政工作调整不再担任中熔电气持续督导保荐代表人。为确保 持续督导工作的有序进行，中原证券现委派习歆悦（简历附后）接替徐政继续履 行持续督导工作，担任中熔电气首次公开发行股票持续督导期间的保荐代表人。 本次变更不影响中原证券对中熔电气的持续督导工作。本次保荐代表人变更 后，中熔电气首次公开发行股票持续督导期间的保荐代表人为刘军锋和习歆悦， 持续督导期限至2024年12月31日。 西安中熔电气股份有限公司董事会 2024年11月20日 附：习歆悦简历 习歆悦女士，保荐代表人，现任中原证券企业融资八部业务董事，曾负责或 参与了德奥通航2015年度非公开发行股票、利民股份2018年度重大资产重组、三 安光电2019年度非公开发行股票、晶科电子首次公开发行股票并在科创板上市项 目、里得电科首次公开发行股票并在深交所主板上市项目，宝馨科技2022年非公 开发行股票持续督导项目等，具有丰富的投资银行工作经验。 关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载 ...

Investment Rating - The report assigns a "Outperform" rating to Zhongrong Electric (301031) [2] Core Views - Q3 2024 results exceeded expectations with net profit attributable to parent company up 90.9% YoY [5] - Revenue from new energy vehicles grew 45.4% YoY in H1 2024, outperforming industry growth [6] - Overseas projects are accelerating with expected volume growth in 2025 [7] - The company is strategically focusing on high-quality customers in the wind, solar, and energy storage sectors [7] Financial Performance - Q3 2024 revenue reached 370 million yuan, up 41.6% YoY [5] - Gross margin in Q3 2024 was 39.1%, down 1.6 pct YoY but up 0.4 pct QoQ [5] - Net profit attributable to parent company in Q3 2024 was 55 million yuan, up 90.9% YoY [5] - H1 2024 revenue from new energy vehicle sector was 360 million yuan, up 45.4% YoY [6] Business Segments - New energy vehicles account for over 60% of the company's power fuse downstream applications [6] - Revenue from wind, solar, and energy storage sector in H1 2024 was 170 million yuan, down 1.9% YoY [7] - Overseas revenue accounted for 5.7% of total revenue in 2023, with a gross margin of 52.6% [7] Growth Drivers - New products such as incentive fuses and smart fuses are expected to contribute to future growth [6] - Overseas projects, including a global exclusive order from a German automaker, are expected to drive growth from 2025 [7] - The company has entered the supply chains of Tesla and Daimler [7] Financial Projections - Expected net profit attributable to parent company for 2024-2026 is 180, 290, and 390 million yuan respectively [8] - EPS for 2024-2026 is projected to be 2.73, 4.41, and 5.92 yuan [8] - Revenue growth for new energy vehicle business is expected to be 43.1%, 37.1%, and 24.7% for 2024-2026 [11] - Revenue growth for wind, solar, and energy storage business is expected to be 20.0%, 25.0%, and 20.0% for 2024-2026 [11] Valuation - The report suggests a reasonable value range of 110.20-132.24 yuan based on 25-30x 2025 PE [8] - Comparable companies have an average PE of 19.06x, 16.17x, and 13.98x for 2024-2026 [14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][14]. Core Insights - The company reported strong performance in Q3, with total revenue reaching 372 million yuan, a year-on-year increase of 41.57%. Net profit attributable to shareholders was 55 million yuan, up 90.92% year-on-year [1]. - For the first three quarters, total revenue was 966 million yuan, reflecting a year-on-year growth of 27.46%, while net profit attributable to shareholders was 120 million yuan, a 40.40% increase year-on-year [1]. - The company's core product, power fuses, has seen significant demand in the new energy vehicle sector, with sales in this area accounting for over 60% of total sales [1]. - The report highlights the company's effective cost control, with sales, management, and R&D expenses growing at a slower rate than revenue, demonstrating scale effects [1]. - The domestic new energy vehicle market continues to grow rapidly, with sales reaching 8.692 million units from January to October 2024, a year-on-year increase of 38.3% [1][2]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are estimated at 170 million yuan, 243 million yuan, and 291 million yuan, respectively, with corresponding fully diluted EPS of 2.56 yuan, 3.67 yuan, and 4.39 yuan [1][3]. - The report provides a financial forecast showing revenue growth rates of 37.14% for 2024, 32.43% for 2025, and 23.36% for 2026 [3][11]. - The company’s valuation is considered reasonable, with a projected PE ratio of 45.68 for 2024, decreasing to 26.68 by 2026 [3][11].

证券代码：301031 证券简称：中熔电气 公告编号：2024-080 根据《上市公司股份回购规则（2023年修订）》《深圳证券交易所上市公 司自律监管指引第9号——回购股份（2023年修订）》等相关规定，现将公司截 至上月末的回购股份的进展情况公告如下： 一、回购公司股份的进展情况 2024年10月，公司未回购公司股份。截至2024年10月31日，公司通过股份回 购专用证券账户以集中竞价交易方式实施回购公司股份数量为261,600股，占公 司总股本的0.3947%，最高成交价为79.55元/股，最低成交价为74.34元/股，累 计成交总金额为20,135,165.00元（不含交易费用）。前述回购符合公司回购股 份方案及相关法律法规的要求。 二、其他说明 （一）公司回购股份的时间、回购股份的价格及集中竞价交易的委托时段 等符合公司回购股份的方案及《深圳证券交易所上市公司自律监管指引第9号— —回购股份》第十七条、第十八条、第十九条的相关规定，具体如下： 西安中熔电气股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 西安中 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.28 [table_Authors]徐强(分析师) 010-83939805 xuqiang@gtjas.com 登记编号S0880517040002 本报告导读： ——中熔电气 2024 年三季报点评 24Q3 业绩高增长，归母净利提升显著 中熔电气(301031) [Table_Industry] 资本货物/工业 [Table_Invest] 评级： 增持 上次评级: 128.49 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|----------------------------|-------|---------------------------|-------|-------|-------|-------| | | | | | | | | | | | ) ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 966 million yuan for the first three quarters of 2024, representing a year-on-year increase of 27.46%, driven by strengthened collaboration with customers and rapid growth in downstream orders [2]. - The net profit attributable to the parent company reached 120 million yuan, up 40.4% year-on-year, while the net profit excluding non-recurring items was 118 million yuan, an increase of 40.69% [2]. - For Q3 2024, the company achieved a revenue of 372 million yuan, a year-on-year increase of 41.57% and a quarter-on-quarter increase of 14.5% [2]. - The gross margin for the first three quarters of 2024 was 38.63%, a decrease of 2.09 percentage points year-on-year, while the net margin increased by 1.15 percentage points to 12.42% [2]. - The report highlights a decrease in expense ratios, with total expenses for the first three quarters at 23.56%, down 2.52 percentage points year-on-year [2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 1.432 billion yuan, 1.957 billion yuan, and 2.623 billion yuan, respectively, with growth rates of 35.1%, 36.7%, and 34.1% [3][5]. - The net profit attributable to the parent company is forecasted to be 183 million yuan in 2024, 321 million yuan in 2025, and 448 million yuan in 2026, with growth rates of 56.8%, 74.7%, and 39.8% respectively [3][5]. - The report estimates the PE ratios for 2024, 2025, and 2026 to be 41x, 23x, and 17x, respectively, based on the closing price on October 25 [2][3].

推荐的一个标的那么公司的主营业务熔断器也是作为这个新能源车非常核心的一个安全件具有高壁垒隔绝好的这样一个特征那公司作为行业的龙头近年来我们看到就是在国内的这个市场地位也是在不断的一个增强 那我们一直给投资人强调公司中期的这个成长的核心逻辑主要是两点第一是出海提升这个海外的一个份额二是这个产品的一个迭代升级然后激励熔断性的这个不断的被推广那这两个逻辑我们看到也是在逐步的一个兑现那过去公司因为费用端的一些这个拖累一定有一些这个压力但是从今年二季度以来我们看到就是随着公司的这个 规模效应的一个释放内部的一个精英化的项本以及这个激励费用的一些改善我们看到公司的这个业绩也是在逐步的释放那么从二季度开始就在持续的兑现这个业绩三季度更是超出了这个市场的一个预期那今天我们也是非常荣幸请到了公司总理刘总来帮我们做三级报的一个解读那下面我先把时间交给刘总由刘总来帮我们这个简单回顾一下三级报的一个情况好的大家好 我是中融电器刘斌下来我把公司的几个简单数据给大家汇报一下首先是销售额前三季度我们销售额是9.66亿同比增长27.4%三季度单季度的销售额是3.7同比增长了41%在经营链这方面前三季度是经营链1.2亿左右同比增长40% 三季 ...

一、三季报业绩数据总览 销售额情况: 前三季度销售额为 9.66 亿，同比增长 27.4%，三季度单季度销售额达 3.7 亿，同比增长 41%。 净利润数据: 前三季度净利润约 1.2 亿，同比增长 40%，三季度为 5400 多万，同 比增长 90%。 毛利率状况: 前三季度毛利率总体为 38.6%，三季度为 39%。 各项费用占比: 研发费用前三季度约 9600 多万，占销售收入约 10%；销售费用 5800 多万，占销售收入 6%；管理费用 6500 多万，约占销售收入 6.7%。 二、各业务板块业绩驱动分析 业务板块占比情况: 电动汽车在销售占比上半年约为 61%左右，预计前三季度占比 基本不变，公共轨道交通占比与半年报差不多为 10%多，风光储业务占比约 20% 多。 风光储业务分析: 风光储业务三季度同比可能有 20%左右的增长，出货情况较上半 年有所好转，其中储能情况较好，光伏情况一般，这与国内光伏装机数据虽整体还 行但熔断器使用情况有关，公司在光伏市场份额相对稳定，主要关注大客户项目。 三、费用相关情况分析 毛利率改善原因: 毛利率环比提升，在销售结构波动不大的情况下，主要是年初开 始的降本增 ...

Investment Rating - The report maintains a "Buy" rating with a target price of RMB 113.27 [4][5] Core Views - The company reported strong Q3 performance with revenue of RMB 372 million, up 41.57% year-on-year and 14.50% quarter-on-quarter, and a net profit of RMB 54.58 million, up 90.92% year-on-year and 41.79% quarter-on-quarter [1] - The company is focusing on new product development and expanding into overseas markets, particularly in the high-end product segment such as incentive fuses [1][2] - The report highlights the company's effective cost control measures, leading to improved net profit margins [1] Summary by Sections Q3 Performance - In Q3 2024, the company achieved revenue of RMB 372 million, representing a year-on-year increase of 41.57% and a quarter-on-quarter increase of 14.50% [1] - The net profit for the same period was RMB 54.58 million, showing a year-on-year growth of 90.92% and a quarter-on-quarter growth of 41.79% [1] - The company’s gross and net profit margins were 39.06% and 14.67%, respectively, with net profit margin improving due to reduced expense ratios [1] Market Focus - The company primarily serves the new energy vehicle, wind power, and energy storage sectors, with 89.35% of revenue coming from these areas in H1 2024 [2] - The report notes significant growth in the domestic new energy vehicle market, with retail sales increasing by 37.4% year-on-year [2] - The company is also expanding its overseas market presence, with plans for mass production at its Thailand facility [2] Financial Forecast - The report forecasts the company's net profit for 2024-2026 to be RMB 184.4 million, RMB 341.43 million, and RMB 441.54 million, respectively, with year-on-year growth rates of 57.63%, 85.16%, and 29.32% [2][3] - The expected EPS for the same period is RMB 2.78, RMB 5.15, and RMB 6.66 [2][3] - The report assigns a PE ratio of 22x for 2025, aligning with the average for comparable companies [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance exceeded expectations, with revenue of 970 million yuan for the first three quarters of 2024, representing a 27% year-on-year increase, and a net profit of 120 million yuan, up 40% year-on-year. The gross margin was 38.6%, down 2.1 percentage points, while the net profit margin was 12.4%, up 1.1 percentage points [2][3] - The automotive segment revenue is expected to grow by 15-20% quarter-on-quarter, with Q3 revenue estimated at 250 million yuan. The company benefits from domestic sales exceeding expectations and anticipates a recovery in gross margin to around 40% due to cost reduction and efficiency improvements [2][3] - The company is transitioning from fuses to energy protection systems, with expectations for significant growth in the fuse segment and continued focus on overseas markets [2] - The renewable energy storage product segment faces increased competition, but the company is expected to maintain a gross margin of around 40% despite anticipated price reductions [2][3] - The reduction in equity compensation by over 60% and the release of scale effects have significantly lowered the expense ratio, contributing to the strong performance in Q3 [3] Financial Forecasts - The company forecasts net profits of 191 million yuan, 297 million yuan, and 416 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 64%, 55%, and 40% [3] - The report adjusts the earnings per share (EPS) estimates to 2.89 yuan for 2024, 4.48 yuan for 2025, and 6.28 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 35.52, 22.92, and 16.34 [1][3]